Newtek Business Services

Newtek Business Services Corp. is a non-diversified closed-end management investment company, which engages in the provision of business and financial solutions. Its products and services include business lending, electronic payment processing, managed technology solutions (cloud computing), technology consulting, ecommerce, accounts receivable, inventory financing, personal and commercial lines insurance services, web services, data backup, storage and retrieval, and payroll and benefits solutions to small-and-medium sized businesses (SMB) accounts nationwide across all industries. The company was founded by Barry Sloane in 1998 and is headquartered in New York, NY.

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NewtekOne, Inc. is a financial holding company, which engages in the provision of business and financial solutions. Its brands include Newtek Bank, Newtek Lending, Newtek Payments, Newtek Insurance, Newtek Payroll, and Newtek Technology. The company was founded by Barry Sloane in 1998 and is headquartered in Boca Raton, FL.

BOCA RATON, Fla., Oct. 03, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), announced today that Newtek Small Business Finance, LLC (“NSBF”) had record fundings of SBA 7(a) loans for the three and nine months ended September 30, 2022. For the three months ended September 30, 2022, NSBF funded a record $223.1 million in SBA 7(a) loans, which represents a 36.1% increase over $163.9 million of SBA 7(a) loan fundings for the three months ended September 30, 2021. NSBF also funded 355 loans, a record for the three months ended September 30, 2022, compared to 219 loans for the same period last year. For the nine months ended September 30, 2022, NSBF funded a record $587.0 million of SBA 7(a) loans, which represents an 61.9% increase over $362.6 million of SBA 7(a) loan fundings for the nine months ended September 30, 2021. NSBF forecasts funding approximately $750 million of SBA 7(a) loans for the full year 2022, which would represent a 33.8% increase over $560.6 million of SBA 7(a) loans funded in 2021. The Company also announced that for the three months ended September 30, 2022, the weighted-average net premium received on the sale of guaranteed portions of SBA 7(a) loans slightly increased in the third quarter 2022 over the second quarter 2022.

Newtek Business Services Corp. Reports Record SBA 7(a) Loan Fundings of $223.1 Million for the Third Quarter 2022

Newtek is Positioning Itself to Become the Bank of the Future for Independently Owned Businesses Newtek is Positioning Itself to Become the Bank of the Future for Independently Owned Businesses

Newtek Selects Apiture's Digital Banking Platform to Power Newtek Bank

NEWT is currently trading near its 52 week low of $15.7 after falling almost 27% in the last month. Newtek might look like a bargain to some investors, but we believe it remains overvalued.

Newtek Business Services: A Risky High Dividend

BOCA RATON, Fla., Sept. 28, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that it will host an investor conference call on Thursday, September 29, 2022 at 8:30 am ET. Barry Sloane, Chief Executive Officer, will discuss Newtek's planned acquisition of National Bank of New York City, which is subject to regulatory approval, as well as performance metrics for the third quarter 2022.

Newtek Business Services Corp.'s CEO to Address Investment Community on Thursday, September 29, 2022 at 8:30 am ET

BOCA RATON, Fla., Sept. 28, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), announced today it is forecasting a fourth quarter 2022 cash distribution of $0.70 per share.1 In anticipation of the Company converting from a BDC and discontinuing its election to be regulated under the Investment Company Act of 1940 (“1940 Act”), subject to regulatory approvals of its pending acquisition of National Bank of New York City (“NBNYC”) and other conditions described in the Company's proxy statement filed with the SEC on May 2, 2022, after which the Company will no longer qualify as a regulated investment company (“RIC”) for federal income tax purposes and will no longer qualify for accounting treatment as an investment company, the Company anticipates distributing 90 – 100% of its 2022 taxable income, in addition to a spillover dividend of its retained earnings, which we expect to be paid out as a fourth quarter 2022 distribution in December 2022.

Newtek Business Services Corp. Forecasts Fourth Quarter 2022 Distribution of $0.70 per Share

The market hated the idea of losing its high-yield BDC to a bank holding setup. We called for a valuation compression and got the number we were looking for.

Newtek: A Logical Capital Return Framework Would Make Shares Attractive

BOCA RATON, Fla., Sept. 21, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (Nasdaq: NEWT), an internally managed business development company (“BDC”), announced today its future rebranding strategy in anticipation of the acquisition of the National Bank of New York City (“NBNYC,” and the “Acquisition”), which is pending regulatory approvals and satisfaction of closing conditions. Upon receipt of the pending regulatory approvals and the close of the Acquisition, Newtek plans to change its name to “NewtekOne®” and to rename NBNYC, the 59-year-old nationally chartered bank, “Newtek Bank, National Association.”

Newtek Business Services Corp. Announces Upcoming Rebranding Strategy and Expanded Services

BOCA RATON, Fla., Aug. 30, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), provides Newtek CEO's, Barry Sloane, comments on the declaration of Newtek's third quarter 2022 cash dividend of $0.65 per share.1

Newtek Business Services Corp.'s CEO, Barry Sloane, Comments on the Declaration of Newtek's Third Quarter 2022 Dividend of $0.65 per Share

BOCA RATON, Fla., Aug. 30, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that its Board of Directors declared a third quarter 2022 cash dividend of $0.65 per share.1 The third quarter 2022 dividend is payable on September 30, 2022 to shareholders of record as of September 20, 2022.

Newtek Business Services Corp. Declares Third Quarter 2022 Dividend of $0.65 per Share

BOCA RATON, Fla., Aug. 23, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that it has priced its twelfth small business loan securitization, with the offering of $116,210,000 of Unguaranteed SBA 7(a) Loan-Backed Notes, Series 2022-1, consisting of $95,380,000 of Class A Notes and $20,830,000 Class B Notes (collectively, the “Notes”), with preliminary ratings of “A- (sf)” and “BBB- (sf)”, respectively, by S&P Global Ratings (“S&P”). The Notes have an anticipated 79.5% advance rate. The Class A Notes were priced at 280 basis points over 30-day Average Compounded SOFR, and the Class B Notes were priced at 375 basis points over 30-day Average Compounded SOFR (Note interest rates are floating rate and adjust monthly).

Newtek Prices its 12th S&P-Rated Loan Securitization of $116.2 Million of SBA 7(a) Unguaranteed Loan-Backed Notes Series 2022-1

Newtek Business Services Corp. (NASDAQ:NEWT ) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET Company Participants Barry Sloane - Chairman, President and Chief Executive Officer Nicholas Leger - Executive Vice President and Chief Accounting Officer Conference Call Participants Paul Johnson - Keefe, Bruyette & Woods, Inc. Adam Morton - RBC Capital Markets, LLC Operator Good day. Thank you for standing by.

Newtek Business Services Corp. (NEWT) CEO Barry Sloane on Q2 2022 Results - Earnings Call Transcript

Newtek (NEWT) delivered earnings and revenue surprises of 22.95% and 4.63%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?

Newtek (NEWT) Q2 Earnings Top Estimates

Record SBA 7(a) Loan Fundings Increased by 112.8% in the Second Quarter of 2022 Over the Same Period Last Year Record SBA 7(a) Loan Fundings Increased by 112.8% in the Second Quarter of 2022 Over the Same Period Last Year

Newtek Business Services Corp. Reports Second Quarter 2022 Financial Results

BOCA RATON, Fla., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that it has provided an illustration of certain financial targets, including earnings and capital levels, as to what Newtek might look like in 2023 as a bank holding company, if the Company were to receive regulatory approvals and close the acquisition of the National Bank of New York City (“NBNYC”).

Newtek Provides an Illustration of Financial Targets for 2023 as a Bank Holding Company

BOCA RATON, Fla., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that it is forecasting paying a third and fourth quarter 2022 total dividend in a range of $1.00 per share to $1.50 per share1, which dividends are expected to be paid by December 31, 2022, subject to approval by the Company's Board of Directors. Newtek has paid a total of $1.40 per share in dividends year to date through June 30, 2022, and is currently forecasting a full year 2022 dividend of between $2.40 per share and $2.90 per share.

Newtek Business Services Corp. Forecasts Paying a Second Half of 2022 Dividend in a Range of $1.00 to $1.50 per Share

BOCA RATON, Fla., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that Barry Sloane, Chairman, President and Chief Executive Officer, will be hosting one-on-one meetings while in attendance at the KBW Community Bank Investor Conference at the NY Hilton Midtown in New York City from August 2-3, 2022. If you would like to set up a meeting with Mr. Sloane, please contact your KBW representative or Jayne Cavuoto, Director of Investor Relations at Newtek at jcavuoto@newtekone.com or 212-273-8179.

Newtek CEO, Barry Sloane, to Host One-on-One Meetings at the KBW Community Bank Investor Conference August 2-3, 2022

BOCA RATON, Fla., July 21, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT) (the “Company”), an internally managed business development company (“BDC”), announced today that on July 20, 2022, the Company filed a preliminary proxy statement (“Proxy Statement”) seeking among other things, shareholder authorization for the Company to sell shares of its common stock at a price below the then current net asset value per share, subject to certain limitations described in the Proxy Statement. The Company has sought such shareholder approval each year the company has been a BDC. The filing of the Proxy Statement does not change the Company's intent to acquire the National Bank of New York City (“NBNYC”), subject to pending regulatory approvals.

Newtek Business Services Corp. Files Preliminary Proxy Statement

Company Reaffirms Financial Forecasts for the First Half of 2022 Company Reaffirms Financial Forecasts for the First Half of 2022

Newtek Business Services Corp. Reports Record SBA 7(a) Loan Fundings for the Second Quarter 2022

NEWT is a company in an organizational transition. The company has historically paid out about 100% of earnings, but as a bank holding company, the distributions will be much more limited.

The Curious Case Of Newtek Business Services

BOCA RATON, Fla., June 21, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), provides forecasts for certain financial metrics for the six months ending June 30, 2022. For the six months ending June 30, 2022, the Company is forecasting net investment income (loss) (“NII”) in a range of ($0.01) per share to $0.00 per share and adjusted net investment income (“ANII”)1 in a range of $1.40 per share to $1.50 per share.

Newtek Business Services Corp. Provides Financial Forecast for the First Half of 2022

BOCA RATON, Fla., June 21, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (the “Company” or “Newtek”) (Nasdaq: NEWT) today announced that its board of directors approved a repurchase program (the “Program”) under which the Company may repurchase up to 500,000 shares (the “Shares”) of its common stock, par value $0.02 (the “Common Shares”), which represents approximately 2.0% of the outstanding Common Shares of the Company as of May 2, 2022. The repurchases shall be effected through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940, as amended and the Securities Exchange Act of 1934, as amended (the “1934 Act”). Unless extended or terminated by the board of directors, the Company anticipates that the termination date for the Program will be on December 21, 2022. The Company expects to finance the repurchases with existing capital and the repurchased Shares will be designated as authorized but unissued Common Shares. In addition, the Company will continuously evaluate alternate and strategic uses of its capital depending on, among other things, the fair value of Newtek's Common Shares and the other available capital deployment opportunities.

Newtek Business Services Corp. Announces Stock Repurchase Program

We had upgraded Newtek to neutral from our earlier short-sell idea as the stock entered the upper end of its normal valuation range. The stock has dropped another 21% since then.

Newtek: Valuation Compression On Track

BOCA RATON, Fla., June 02, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek's CEO and President, Barry Sloane, will present at the LD Micro by SRAX Invitational XII at the Four Seasons Westlake Village, California on Wednesday, June 8, 2022 at 9:30 AM PDT (12:30 PM EDT), Track 4. Barry Sloane will be available for one-on-one meetings throughout the day.  To schedule a meeting, please contact your LD Micro representative, or Jayne Cavuoto, Director of Investor Relations for Newtek, at 212-273-8179 or  jcavuoto@newtekone.com .

Newtek Business Services Corp. CEO, Barry Sloane, to Present at the LD Micro by SRAX Invitational XII

BOCA RATON, Fla., June 01, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), announced that earlier today at a special meeting of shareholders (the “Special Meeting”), Newtek shareholders overwhelmingly approved a proposal authorizing the Company's Board of Directors to discontinue the Company's election to be regulated under the Investment Company Act of 1940, as amended (the “1940 Act”) (subject to certain regulatory approvals and closing conditions described in the Company's Proxy Statement dated May 2, 2022) (the “Proposal”). As disclosed in the Company's Form 8-K filed today, 89% of the votes cast at the Special Meeting were in favor of the Proposal.

Newtek Business Services Corp. Receives Shareholder Approval to Discontinue the Company's Election to be Regulated Under the Investment Company Act of 1940

Capital Southwest

Great Elm Capital

Bjusiness development companies offer generous yields because they're required to distribute substantially all of their earnings to shareholders. BDCs receive favorable tax treatment, and in return, they aren't allowed to retain earnings in the same way other companies are.

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